I'm all for stricter punishment, but it has to be done verrrrry carefully so as not to wreck the community or be open to abuse.
The bigger problem IMO is the lack of utility of the ignore button. You can 'ignore' someone who's being an idiot or troll or abusive or whatever, but then the very next game you get stuck with them again, so what's the point of ignoring them? I really think that if you add someone to your ignore list, it should remove them from your pool of possible teammates.
I know there's potential for abuse of this in higher ranks (where people team up against one person and everyone ignores them, effectively making that person have nobody to play with), so it could possibly be implemented for only the lower ranks like bronze, silver, and maybe gold.
I think this would go a long way toward weeding out trolls and toxic players from the lower ranks. If you behave badly, not only do you get a short-term punishment, but if people ignore you, the pool of players you can be teamed with shrinks over time.
This would also alleviate the extreme frustration of players who are honestly trying to work their way out of bronze, who lose LP for dodging a game where they're matched with a known troll or toxic player. That is one of my biggest pet peeves about League of Legends: being punished for avoiding trolls and toxic players.